The months-long process to sell Puration Inc.'s PURA cultivation business to PAOG Group, Inc. PAOG has come to an end.
The companies announced that the deal officially closed Tuesday. PAOG opted to acquire PURA's operation in exchange for PAOG common stock.
PAOG also confirmed its previously announced intention to take over NCM Biotech from Kali-Extracts Inc. KALY.
Both acquisitions are part of a PAOG's goal to revitalize the company's "original mission to provide patient care alternatives to traditional patient care solutions," CEO James C. DiPrima explained.
"Our revitalization plan involves a complete exit of our previous endeavors and the implementation of an all new initiative through the planned acquisition of two currently operating businesses within the medical cannabis sector," continued DiPrima.
PURA announced the sale of its operation a couple of weeks ago, followed by PAOG's confirmation that its management team has obtained majority control of the company.
In addition, the Dallas-based company had previously spun-off its cannabis cultivation operation to Nouveau NOUV, in exchange for common stock. However, that deal has been canceled.
Courtesy photo
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